Are Americans TOO BROKE To Buy Gifts This Christmas?

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Holiday spending woes. Yeah, I saw this and I was like, come on people. 28%, 28 % of credit card users are still paying off last year’s holiday debt. 28%. Was it worth it?

Was it worth paying for things two to three times over that you still haven’t paid off? I don’t, quite frankly, I don’t understand the concept of doing this. You’re buying gifts, I understand, for people that you care about and you love and you wanna take care of them. But if those people care for you and love for you too, do you think that they want you to be put out and burdened?

and having the stuff that you gave them essentially own them over the course of the year. I don’t think so. Again, I certainly don’t hope so. And if that’s somebody who you’re buying for, then they obviously don’t care very much about you. Holiday season is coming up again. I’m a big believer in spending money on time. Yeah, time.

time with people that I care about things, memories, things you’re to carry around. Yeah, it’s nice getting, you know, something nice from time to time. I understand that. But at what costs? Credit card debt, you’re talking in the 20, 25, 30%, 28 % users still paying off last year. Again, this is why people you’re not able to get ahead, you’re not able to build wealth.

because you buy into all this crap. Here’s a suggestion for you. Here’s a suggestion. Okay? You got your family. You got your family, okay? You know what? You pick a name out of a hat. Do a Secret Santa. And then you pick a dollar amount. You pick a dollar amount, you can’t spend over a certain amount. Again, gift cards are not allowed in this endeavor. And then you go out and you put an enormous amount of thought into the gift that you’re gonna go out there.

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and buy and you make it a well thought out gift. It works. It works. And again, it’s you’re not going to get yourself into a hole over the course of the year. And this this spending is nonsense. I actually I’ve been avoiding TV for a while. It’s got exhausting for me. And just not a lot of not a lot of intelligent questions or reasons for even having me on why they wanted to have me on.

So I said, okay, okay, yeah, I’ll do it. I got asked to do a program, they were talking about people doom spending last night. And I’m like, doom spending? You mean like retail therapy? Well, they framed it, CNN framed this story. Americans are out there buying pocketbooks because they’re upset about the election. I’m like, what? That’s retail therapy. This is nothing new. People come up with excuses.

to buy things all the time. It’s like they come up with holidays as excuses to drink. Yeah, Cinco de Mayo, Corona, Margarita. mean, it’s, come on. This is nothing new. And some of the things that we’re seeing, did this this past year, more and more younger people out there saying, screw it, we’re not saving. yeah, houses are too expensive and I’ll never be able to afford anything. I’ll never be able to do this. I might as well just go blow money. Well, again.

That’s on you. That’s on you. Having your money invested and having your money work for you is actually a good thing. That’s how you build wealth over time. Most certainly not getting in over your head in credit card debt nor doom spending. Watchdogonwallstreet.com.